Marina Street Yacht Club Condominium

What Marina Street Yacht Club Condominium's governing documents say

Marina Street Yacht Club Condominium is a condominium community in Wilmington, NC, combining two residential building units with 15 wet-slip boat slips (Slip Units) and shared common elements. Owners own their unit and an equal undivided interest in the common elements, including docks, piers, and riparian rights. The association maintains common areas and enforces rules.

• What you own & maintain: You own your Unit (Building Unit or Slip Unit) as shown on the Condominium Plat. Each Unit has an equal undivided interest in the Common Elements (land, docks, piers, CAMA permit, riparian rights). Limited Common Elements include Slips (assigned to each Unit) and two parking spaces (one each for Units 1 and 2). Owners maintain their Unit and Slip improvements; the Association maintains Common Elements and Slips.
• Boat & slip rules: Each Slip is a Limited Common Element appurtenant to a specific Unit. Boat size is limited to maximum dimensions shown on Exhibit B (not included in excerpt). 'Boat' excludes houseboats, floating homes, or house-like barges. The Board may require removal of Boats during emergencies, including weather. Slips cannot be sold or transferred separately from the Unit.
• Use restrictions & rules: Units and Common Elements are subject to Use Restrictions in Exhibit C (not included in excerpt). The Board may adopt additional Rules and Regulations, including for emergencies. Owners may adopt or modify rules by a 67% vote, with Declarant approval during the Development Period. Rules must be sent to Owners at least 15 days before effective date.
• Assessments & voting: Common expenses are allocated equally per Unit. Each Unit has one vote in the Association. Assessments are levied per Unit; the Association may impose liens for delinquent assessments. An initial working capital contribution is required.
• Leasing & rentals: The document does not specify minimum lease terms or restrictions on leasing. However, transfers of Units as timeshares are prohibited (Section 6.6).
• Development rights: The Declarant reserves the right to create up to 25 Units total (currently 17). The Development Period lasts up to 30 years from recording (November 2016) or until Declarant terminates it earlier. During this period, Declarant has special rights, including approval of Slip reassignments and rule changes.
• What this document doesn't cover: This excerpt does not include the full Use Restrictions (Exhibit C), specific assessment amounts, pet rules, age restrictions, or detailed insurance requirements. The document is a Declaration of Condominium; additional rules may be in the Bylaws or Board-adopted Rules and Regulations.

Plain-language summary generated from the governing documents on file for this community. It may be incomplete and is not legal advice — read the full documents below or consult the official recorded versions.